Morgan Stanley (NYSE: MS) will announce job cuts to 1,600 positions, according to reports out Wednesday.

Cuts will come in the institutional securities business and focus more on senior employees. Half the cuts will come from U.S. operations.

Affected employees will be notified over the course of the coming weeks, the WSJ said this morning.

With its latest report, Morgan Stanley reported having 57,726 employees as of September 30th.

Though the number comes to just 2.8 percent of the total workforce, it is on top of a six percent reduction implemented in 2012. Morgan Stanley isn't alone in the move as banks and financials work to streamline ops on the back of lower trading volume and investment. Last month, Citigroup (NYSE: C) said it had plans to cut 11,000 jobs while UBS AG (NYSE: UBS) recently said it would trim its workforce by 10,000 people, mostly in fixed-income trading.

Shares of Morgan Stanley are modestly higher on the session, though shares are up 23 percent over the same period last year.